Palais Du Costume Co. v. Beach
Missouri Court of Appeals
Appeal from tbe St. Louis City Circuit Court. — Hon.Matt G. Reynolds, Judge. (1) Tbe subscription to tbe capital stock of a corporation in Missouri is an asset of tbe company, in which, by virtue of tbe subscription, tbe company, all individual members thereof, and all creditors, acquire an interest. Such a contract is one that cannot be can-celled or relinquished without the consent of all interested parties. Oldsheim v. Thompson, 44 Mo. App. 181; Erskine v. Peck, 18 Mo.
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Appeal from tbe St. Louis City Circuit Court. — Hon.Matt G. Reynolds, Judge. (1) Tbe subscription to tbe capital stock of a corporation in Missouri is an asset of tbe company, in which, by virtue of tbe subscription, tbe company, all individual members thereof, and all creditors, acquire an interest. Such a contract is one that cannot be can-celled or relinquished without the consent of all interested parties. Oldsheim v. Thompson, 44 Mo. App. 181; Erskine v. Peck, 18 Mo. App. 284; Morawetz on Priv. Corp., secs. 286, 302; Chandler v. Brown, 77 111. 333; Chouteau v. Dean, 7 Mo. App. 210;…
1Opinion of the CourtGray, J.
This action was commenced in the circuit court of the city of St. Louis, by plaintiff against the defendant to, recover the sum of three thousand five hundred dollars which it is claimed defendant owes the plaintiff.
The plaintiff corporation was organized in 1903, with a capital stock of one hundred thousand dollars, consisting of one thousand shares, of the par value of-one hundred dollars each. Among the subscribers to the capital stock when the corporation was organized, was Mr. St. Clair, who subscribed for six hundred shares. St. Clair was a promoter and was unable to pay for his stock,…
2Cases cited7 opinions
- Chouteau v. Jupiter Iron WorksSupreme Court of Missouri · 1887
- People's Savings Bank v. HoppeMissouri Court of Appeals · 1908
- Chouteau v. Jupiter Iron WorksSupreme Court of Missouri · 1884
- Planters & Merchants Independent Packet Co. v. WebbSupreme Court of Alabama · 1908
- American Life Ins. v. MelcherSupreme Court of Iowa · 1906
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3Cited by1 opinion
- Palais Du Costume Co. v. BeachMissouri Court of Appeals · 1912